National Bank of Canada (NA) - Net Assets
Based on the latest financial reports, National Bank of Canada (NA) has net assets worth CA$33.22 Billion CAD (≈ $24.03 Billion USD) as of January 2026. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$605.87 Billion ≈ $438.28 Billion USD) and total liabilities (CA$572.65 Billion ≈ $414.25 Billion USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check National Bank of Canada tangible equity quality to evaluate the tangible quality of the company's equity base.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$33.22 Billion |
| % of Total Assets | 5.48% |
| Annual Growth Rate | 9.21% |
| 5-Year Change | 80.76% |
| 10-Year Change | 179.04% |
| Growth Volatility | 26.17 |
National Bank of Canada - Net Assets Trend (1993–2025)
This chart illustrates how National Bank of Canada's net assets have evolved over time, based on quarterly financial data. See NA days of operational coverage to measure how many days the company can operate on defensive assets alone.
Annual Net Assets for National Bank of Canada (1993–2025)
The table below shows the annual net assets of National Bank of Canada from 1993 to 2025. For live valuation and market cap data, see market cap of National Bank of Canada.
| Year | Net Assets | Change |
|---|---|---|
| 2025-10-31 | CA$33.77 Billion ≈ $24.43 Billion |
+32.17% |
| 2024-10-31 | CA$25.55 Billion ≈ $18.48 Billion |
+7.91% |
| 2023-10-31 | CA$23.68 Billion ≈ $17.13 Billion |
+8.88% |
| 2022-10-31 | CA$21.75 Billion ≈ $15.73 Billion |
+16.40% |
| 2021-10-31 | CA$18.68 Billion ≈ $13.51 Billion |
+14.03% |
| 2020-10-31 | CA$16.38 Billion ≈ $11.85 Billion |
+8.24% |
| 2019-10-31 | CA$15.14 Billion ≈ $10.95 Billion |
+5.44% |
| 2018-10-31 | CA$14.36 Billion ≈ $10.38 Billion |
+12.59% |
| 2017-10-31 | CA$12.75 Billion ≈ $9.22 Billion |
+5.35% |
| 2016-10-31 | CA$12.10 Billion ≈ $8.75 Billion |
+6.58% |
| 2015-10-31 | CA$11.36 Billion ≈ $8.21 Billion |
+8.12% |
| 2014-10-31 | CA$10.50 Billion ≈ $7.60 Billion |
+17.30% |
| 2013-10-31 | CA$8.95 Billion ≈ $6.48 Billion |
+8.65% |
| 2012-10-31 | CA$8.24 Billion ≈ $5.96 Billion |
+9.79% |
| 2011-10-31 | CA$7.50 Billion ≈ $5.43 Billion |
-57.96% |
| 2010-10-31 | CA$17.85 Billion ≈ $12.92 Billion |
+132.66% |
| 2009-10-31 | CA$7.67 Billion ≈ $5.55 Billion |
+1.80% |
| 2008-10-31 | CA$7.54 Billion ≈ $5.45 Billion |
+34.68% |
| 2007-10-31 | CA$5.60 Billion ≈ $4.05 Billion |
+4.34% |
| 2006-10-31 | CA$5.36 Billion ≈ $3.88 Billion |
+5.51% |
| 2005-10-31 | CA$5.08 Billion ≈ $3.68 Billion |
+11.15% |
| 2004-10-31 | CA$4.57 Billion ≈ $3.31 Billion |
+1.76% |
| 2003-10-31 | CA$4.50 Billion ≈ $3.25 Billion |
+2.46% |
| 2002-10-31 | CA$4.39 Billion ≈ $3.17 Billion |
-4.69% |
| 2001-10-31 | CA$4.60 Billion ≈ $3.33 Billion |
+7.15% |
| 2000-10-31 | CA$4.30 Billion ≈ $3.11 Billion |
+14.74% |
| 1999-10-31 | CA$3.74 Billion ≈ $2.71 Billion |
+16.35% |
| 1998-10-31 | CA$3.22 Billion ≈ $2.33 Billion |
-0.25% |
| 1997-10-31 | CA$3.23 Billion ≈ $2.33 Billion |
+26.96% |
| 1996-10-31 | CA$2.54 Billion ≈ $1.84 Billion |
+7.62% |
| 1995-10-31 | CA$2.36 Billion ≈ $1.71 Billion |
-0.01% |
| 1994-10-31 | CA$2.36 Billion ≈ $1.71 Billion |
+17.33% |
| 1993-10-31 | CA$2.01 Billion ≈ $1.46 Billion |
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Equity Component Analysis
This analysis shows how different components contribute to National Bank of Canada's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 4308.2% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (October 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | CA$20.37 Billion | 60.31% |
| Common Stock | CA$9.87 Billion | 29.21% |
| Other Comprehensive Income | CA$287.00 Million | 0.85% |
| Other Components | CA$3.25 Billion | 9.63% |
| Total Equity | CA$33.77 Billion | 100.00% |
National Bank of Canada Competitors by Market Cap
The table below lists competitors of National Bank of Canada ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
MPLX LP
NYSE:MPLX
|
$56.09 Billion |
|
AB Volvo (publ)
ST:VOLV-B
|
$56.19 Billion |
|
Vingroup JSC
VN:VIC
|
$56.30 Billion |
|
Deutsche Post AG
XETRA:DHL
|
$56.42 Billion |
|
Airbnb Inc
NASDAQ:ABNB
|
$55.96 Billion |
|
BANK O.CHINA H ADR/25 YC1
F:W8VS
|
$55.92 Billion |
|
Realty Income Corporation
NYSE:O
|
$55.69 Billion |
|
Larsen & Toubro Limited
F:LTO
|
$55.44 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in National Bank of Canada's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 25,550,000,000 to 33,769,000,000, a change of 8,219,000,000 (32.2%).
- Net income of 4,017,000,000 contributed positively to equity growth.
- Dividend payments of 1,952,000,000 reduced retained earnings.
- Share repurchases of 213,000,000 reduced equity.
- New share issuances of 88,000,000 increased equity.
- Other comprehensive income increased equity by 68,000,000.
- Other factors increased equity by 6,211,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$4.02 Billion | +11.9% |
| Dividends Paid | CA$1.95 Billion | -5.78% |
| Share Repurchases | CA$213.00 Million | -0.63% |
| Share Issuances | CA$88.00 Million | +0.26% |
| Other Comprehensive Income | CA$68.00 Million | +0.2% |
| Other Changes | CA$6.21 Billion | +18.39% |
| Total Change | CA$- | 32.17% |
Book Value vs Market Value Analysis
This analysis compares National Bank of Canada's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 2.27x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 30.07x to 2.27x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1993-10-31 | CA$6.65 | CA$200.00 | x |
| 1994-10-31 | CA$7.12 | CA$200.00 | x |
| 1995-10-31 | CA$7.01 | CA$200.00 | x |
| 1996-10-31 | CA$7.56 | CA$200.00 | x |
| 1997-10-31 | CA$8.04 | CA$200.00 | x |
| 1998-10-31 | CA$7.79 | CA$200.00 | x |
| 1999-10-31 | CA$9.17 | CA$200.00 | x |
| 2000-10-31 | CA$9.99 | CA$200.00 | x |
| 2001-10-31 | CA$10.79 | CA$200.00 | x |
| 2002-10-31 | CA$10.39 | CA$200.00 | x |
| 2003-10-31 | CA$11.43 | CA$200.00 | x |
| 2004-10-31 | CA$12.13 | CA$200.00 | x |
| 2005-10-31 | CA$13.60 | CA$200.00 | x |
| 2006-10-31 | CA$14.46 | CA$200.00 | x |
| 2007-10-31 | CA$14.38 | CA$200.00 | x |
| 2008-10-31 | CA$17.30 | CA$200.00 | x |
| 2009-10-31 | CA$20.13 | CA$200.00 | x |
| 2010-10-31 | CA$22.06 | CA$200.00 | x |
| 2011-10-31 | CA$19.73 | CA$200.00 | x |
| 2012-10-31 | CA$22.16 | CA$200.00 | x |
| 2013-10-31 | CA$24.90 | CA$200.00 | x |
| 2014-10-31 | CA$29.32 | CA$200.00 | x |
| 2015-10-31 | CA$31.68 | CA$200.00 | x |
| 2016-10-31 | CA$33.22 | CA$200.00 | x |
| 2017-10-31 | CA$36.98 | CA$200.00 | x |
| 2018-10-31 | CA$40.72 | CA$200.00 | x |
| 2019-10-31 | CA$43.77 | CA$200.00 | x |
| 2020-10-31 | CA$48.52 | CA$200.00 | x |
| 2021-10-31 | CA$54.80 | CA$200.00 | x |
| 2022-10-31 | CA$63.80 | CA$200.00 | x |
| 2023-10-31 | CA$69.48 | CA$200.00 | x |
| 2024-10-31 | CA$74.52 | CA$200.00 | x |
| 2025-10-31 | CA$88.29 | CA$200.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently National Bank of Canada utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 11.90%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.04%
- • Asset Turnover: 0.05x
- • Equity Multiplier: 17.08x
- Recent ROE (11.90%) is below the historical average (14.19%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1993 | 8.86% | 8.93% | 0.05x | 21.67x | CA$-22.56 Million |
| 1994 | 9.37% | 10.47% | 0.05x | 19.32x | CA$-14.50 Million |
| 1995 | 10.54% | 11.46% | 0.04x | 21.04x | CA$12.50 Million |
| 1996 | 12.73% | 13.58% | 0.04x | 21.26x | CA$68.10 Million |
| 1997 | 12.39% | 12.83% | 0.04x | 24.00x | CA$66.00 Million |
| 1998 | 11.73% | 11.96% | 0.04x | 26.22x | CA$46.50 Million |
| 1999 | 12.63% | 15.27% | 0.04x | 21.15x | CA$86.90 Million |
| 2000 | 13.30% | 14.97% | 0.04x | 19.81x | CA$126.20 Million |
| 2001 | 13.68% | 16.90% | 0.04x | 18.46x | CA$151.40 Million |
| 2002 | 11.00% | 12.19% | 0.05x | 19.12x | CA$38.90 Million |
| 2003 | 15.23% | 17.63% | 0.04x | 20.12x | CA$214.30 Million |
| 2004 | 17.25% | 15.21% | 0.05x | 21.12x | CA$304.60 Million |
| 2005 | 18.60% | 22.89% | 0.03x | 23.41x | CA$395.30 Million |
| 2006 | 18.19% | 22.95% | 0.03x | 24.39x | CA$392.20 Million |
| 2007 | 11.67% | 15.80% | 0.03x | 24.39x | CA$77.30 Million |
| 2008 | 14.09% | 21.91% | 0.03x | 23.48x | CA$225.10 Million |
| 2009 | 13.19% | 15.82% | 0.04x | 20.40x | CA$206.30 Million |
| 2010 | 14.35% | 24.11% | 0.03x | 21.47x | CA$313.20 Million |
| 2011 | 18.36% | 18.79% | 0.04x | 25.75x | CA$541.90 Million |
| 2012 | 21.62% | 30.97% | 0.03x | 24.64x | CA$839.00 Million |
| 2013 | 17.79% | 29.15% | 0.03x | 23.11x | CA$634.70 Million |
| 2014 | 15.13% | 27.95% | 0.03x | 21.16x | CA$498.30 Million |
| 2015 | 14.68% | 28.07% | 0.03x | 20.47x | CA$493.60 Million |
| 2016 | 10.46% | 22.05% | 0.02x | 20.56x | CA$51.80 Million |
| 2017 | 15.22% | 30.48% | 0.03x | 19.22x | CA$665.00 Million |
| 2018 | 15.35% | 30.06% | 0.03x | 18.78x | CA$747.40 Million |
| 2019 | 15.27% | 30.90% | 0.03x | 19.05x | CA$778.20 Million |
| 2020 | 12.46% | 18.36% | 0.03x | 20.25x | CA$403.00 Million |
| 2021 | 16.81% | 35.27% | 0.03x | 19.04x | CA$1.27 Billion |
| 2022 | 15.56% | 35.18% | 0.02x | 18.57x | CA$1.21 Billion |
| 2023 | 14.09% | 34.15% | 0.02x | 17.89x | CA$969.40 Million |
| 2024 | 14.94% | 35.24% | 0.02x | 18.09x | CA$1.26 Billion |
| 2025 | 11.90% | 13.04% | 0.05x | 17.08x | CA$640.10 Million |
Industry Comparison
This section compares National Bank of Canada's net assets metrics with peer companies in the Banks - Diversified industry.
Industry Context
- Industry: Banks - Diversified
- Average net assets among peers: $43,225,222,775
- Average return on equity (ROE) among peers: 10.76%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| National Bank of Canada (NA) | CA$33.22 Billion | 8.86% | 17.24x | $56.01 Billion |
| Bank of Montreal (BMO) | $39.91 Billion | 10.95% | 15.08x | $115.00 Billion |
| Bank of Nova Scotia (BNS) | $84.08 Billion | 9.23% | 15.79x | $99.24 Billion |
| Canadian Imperial Bank Of Commerce (CM) | $11.06 Billion | 9.31% | 21.64x | $100.06 Billion |
| Royal Bank of Canada (RY) | $41.21 Billion | 12.68% | 16.62x | $269.24 Billion |
| Toronto Dominion Bank (TD) | $39.87 Billion | 11.65% | 15.74x | $188.61 Billion |
About National Bank of Canada
National Bank of Canada provides financial services to individuals, businesses, institutional clients, and governments in Canada and internationally. It operates through four segments: Personal and Commercial, Wealth Management, Financial Markets, and U.S. Specialty Finance and International. The Personal and Commercial segment offers banking, financing, and investing services to individuals, adv… Read more